Research Team at Nomura, believes that the US industrial production rose by 0.3% in January. Key Quotes “The ISM manufacturing survey has been in contraction territory for four straight months. As such, we forecast that manufacturing production remained tepid in January. In addition, we expect a decline in vehicle production in January based on WardsAuto data. The BLS reported that aggregate hours worked in the mining industry fell in January. As such, we expect a fifth consecutive month of decline in mining production in January, as the industry continues to deal with the low energy prices. On the flip side, total production likely saw a boost from colder weather conditions in January (relative to December). As such, we believe that there was more heating demand in January, which likely led to higher utilities production.” For more information, read our latest forex news.